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Indonesia is tightening government spending toward year-end, ordering ministries and agencies to cut unspent travel allocations by 30% as higher oil prices and costly flagship programs put pressure on the budget.
Ireland’s government has an enviable budget surplus, and voters want those funds used to help them with soaring energy costs and a cost-of-living squeeze.
Copper headed for the biggest weekly loss since May as high energy costs and a stronger dollar threatened to curb demand.
Gold held a modest gain as US bond yields softened and Federal Reserve officials signaled they needed more time to weigh their next move on interest rates, even as a possible escalation in the Middle East kept energy costs elevated.
Gold was steady as traders monitored progress in talks between the US and Iran for clues on how energy costs will influence the Federal Reserve’s path for interest rates.
Bank of England Governor Andrew Bailey discusses the impact of higher energy costs on the UK and the feed-through effect on wider inflation. He speaks after policymakers opted to hold interest rates at 3.75%. "So far that feed-through has been quite subdued," Bailey says. "But it is early days." (Source: Pool)
High energy costs at the pump and strategic setback for US in the Iran war will likely cost Trump in the midterms.